Following the successful inclusion of onrapidil tablets in medical insurance, Zhong Sheng Pharmaceutical...(002317) Innovative drug secures another major order. On January 16, ZS Pharmaceutical disclosed an announcement stating that its subsidiary, ZS Ruicheng, has reached a cooperation agreement with Qilu Pharmaceutical to commercialize its innovative drug, RAY1225 injection, a dual-target receptor ultra-long-acting agonist, to Qilu Pharmaceutical.

According to the agreement, ZSRay Technology has authorized Qilu Pharmaceutical to manufacture and commercialize RAY1225 injection in China (including mainland China, Hong Kong, Macau, and Taiwan). ZSRay Technology retains the intellectual property rights under the license.All rights, ownership and interests of RAY1225 injection will be retained by ZSRI, while ZSRI will retain all rights, ownership and interests of RAY1225 injection overseas. Subject to the terms of the agreement, ZSRI will receive a total of upfront and milestone payments of up to RMB 1 billion, including an upfront payment of RMB 200 million and development and sales milestone payments of up to RMB 800 million. In addition, after the above products are launched, ZSRI will also be entitled to double-digit sales royalties on the net sales of the licensed products.

Data shows that GLP-1/GIP dual-target receptor agonists have demonstrated significant advantages in multiple clinical indicators such as blood glucose control, weight management, and cardiorenal protection. There is a huge market for innovative drugs targeting this target from large foreign pharmaceutical companies, while ZS Pharma 's RAY1225 is currently the most watched domestic alternative product on the market, and it has more significant differentiated advantages.

Zhong Sheng Pharmaceutical stated that RAY1225 injection, administered bi-weekly, boasts high safety and, based on data, demonstrates superior efficacy compared to its competitors. On one hand, RAY1225 injection reduces dosing frequency by half and has the potential for once-monthly administration, a key feature that enhances patient compliance. On the other hand, Zhong Sheng Pharmaceutical prioritizes safe weight loss, adhering to a gradual, incremental dosing regimen starting with low doses, maximizing patient tolerance. Phase II clinical data shows that RAY1225 injection (3-9 mg) exhibited good safety and tolerability in REBUILDING-1 and SHINING-1 participants, with mild gastrointestinal adverse reactions and a lower incidence rate compared to competing products.

It is understood that RAY1225 injection currently covers two core indications: obesity/overweight and type 2 diabetes, and various Phase III clinical trials are progressing steadily. In addition, its new indication for the treatment of metabolic-associated steatohepatitis (MASH) has been successfully approved for clinical trials, and the indication matrix will be further expanded in the future.

Regarding this collaboration, ZS Pharmaceutical stated that Qilu Pharmaceutical possesses extensive sales experience and outstanding commercialization capabilities, along with a comprehensive sales network and professional promotional abilities, which can maximize the commercial value of RAY1225 injection. More importantly, ZS Pharmaceutical retains all rights, ownership, and interests in the licensed intellectual property . After the licensed product obtains marketing authorization approval from the drug regulatory authority, ZS Pharmaceutical or its affiliates will become the Marketing Authorization Holder (MAH). According to China's MAH system, the holder can sell the drugs for which it has obtained a drug registration certificate directly or entrust a pharmaceutical distribution company to sell them. In other words, this collaboration does not cause ZS Pharmaceutical to lose control over RAY1225.

Analysts point out that in the first three quarters of 2025, global sales of GLP-1RA drugs reached nearly $55 billion, and the market size continues to grow. According to Jefferies' forecast, the global GLP-1RA drug market size is expected to exceed $150 billion by 2031.

Furthermore, due to the relatively late market launch of overseas GLP-1 inhibitors in my country, the market performance of GLP-1 drugs in China has lagged behind. However, judging from the current trend, the market is still in the early stages of explosive growth, with the GLP-1 RAs market size reaching 10.5 billion yuan in 2024. According to Frost & Sullivan's forecast, the GLP-1 RA market size in my country will reach 51.5 billion yuan by 2030, showing a rapid development trend.

Zhong Sheng Pharmaceuticals also stated that this milestone collaboration will not only help the company maximize the domestic commercial value of RAY1225, but also help the company reinvest the initial payment into the progress of the R&D pipeline, achieving a positive cycle of "product development - commercialization - re-development".

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